Oil futures on Tuesday recovered nearly all of the losses they suffered in the previous session as traders awaited weekly petroleum-supply figures and looked to the latest U.S. economic data for hints on the outcome of this week’s meeting of Federal Reserve policy makers.

October West Texas Intermediate crude
CLV5, +0.00%
on the New York Mercantile Exchange rose 59 cents, or 1.3%, to settle at $44.59 a barrel. Prices fell 1.4% on Monday to settle at $44, their lowest since Aug. 27.

Meanwhile, October Brent crude
UK:LCOV5
on the ICE Futures exchange, which expired Tuesday, added 26 cents, or 0.6%, to $46.63 a barrel.

“What we are getting is a trading bounce following [Monday’s] shakedown but, overall, the trend remains sideways in the $43-$46 range,” for WTI oil, said Colin Cieszynski, chief market strategist at CMC Markets.

“To me, everything remains on hold as traders don’t want to get too overextended ahead of the Fed on Thursday,” he said.

The conclusion of the Fed’s two-day policy meeting on Thursday could see the central bank deliver its first rate increase in nearly a decade. Economists are split on the prospect. The dollar’s reaction in the wake of the move could set the tone for oil and other commodities priced in the currency.

“All eyes are on the U.S. [Federal Open Market Committee] meeting this week. However we do not expect any big surprises, as it is likely that the U.S. Federal Reserve Bank will leave interest rates unchanged this time, possibly signaling that the beginning of a tightening policy is approaching,” wrote Myrto Sokou, senior analyst at Sucden Financial, in a note.

Traders also await weekly U.S. petroleum-supply data, with a reading from the American Petroleum Institute due later Tuesday, and the more closely watched weekly report from the Energy Information Administration due Wednesday.

Estimates are wide ranging. Citi Futures forecasts a crude stock decline of between 500,000 barrels to 1.5 million barrels, while analysts polled by Platts forecast a 200,000-barrel fall. Analysts surveyed by The Wall Street Journal expect an increase of 1.1 million barrels.

Providing some support for oil prices, data from the EIA released Monday showed that oil production from seven major U.S. shale plays is expected to fall by 80,000 barrels a day in September from August.

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